Short answer: No. Long answer: Nooooooo.
One of the most enduringly popular articles on this site has been my snarky evaluation of Nyloxin and Cobroxin, which has racked up an impressive amount of comments, most of which admittedly were spam. It's been a few years, so I thought the topic of cobra venom as pain relief was worth revisiting.
First of all, there are some preliminary studies which show that certain key ingredients in cobra venom may be useful for pain relief.
However, there is no actual cobra venom in either Cobroxin or Nyloxin.
Both of these OTC products are homeopathic remedies. This means that they contain no measurable amount of the thing that they claim to contain. That is what a homeopathic remedy is.
In so far as homeopathic remedies work, they work due to a combination of the placebo effect, and the human body's natural ability to heal itself. Make no mistake: homeopathic remedies are a religion, not a science.
The placebo effect is powerful, particularly when it comes to pain relief. Placebo effects vary based on the circumstance, but have been measured as up to 80%. Pretty impressive!
The placebo effect does not mean that the actual pain is not real, or that the underlying condition is not a real medical problem. It simply means that our bodies are far more powerful than we realize, and that pain in particular is a strange and fickle phenomenon.
If you bump your elbow right now, it will hurt. But if you bump your leg on the coffee table when you're rushing out the door in the morning to get to work, you won't even notice the pain, because there is too much else going on. Later you will see the enormous bruise and wonder when it happened.
It's not wrong to get relief from a placebo (like Cobroxin, Nyloxin, or any other homeopathic remedy). But it is unethical to market a placebo as an actual medicine, and charge a lot of money for it, and encourage people to sell it as part of an MLM pyramid scheme. There is no science behind their claims; just religious beliefs.
If your religious beliefs help you, then more power to ya. But let's not claim there is anything more factual to these claims than that. (Beyond a "pump and dump" stock scam, that is.)